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Samsung promotes founder’s grandson to vice chairman

Samsung (005930) on Wednesday promoted the grandson of its founder to vice chairman. Jay Y.Lee, the chief operating officer and president, is the son of Lee Kun-hee’s, the company’s chairman for the past 25 years, who is in turn the son of Samsung founder Lee Byung-chull. A Samsung executive familiar with the matter told Reuters that “it is a stamp of approval from the chairman that the vice chairman has shown capability to manage Samsung” and added that “it’s a major step forward [for Jay Lee to become] the future successor at Samsung.” Shares of Samsung gained 1.25% following news of Lee’s promotion and the stock closed at an all time high of ₩1.455 million South Korean Won, equal to roughly $1345. Despite an onslaught of legal disputes, the South Korean company’s stock has flourished this year and has surged more than 35% since January.